New lows for oil. North Sea Brent temporarily fell below the threshold of 64 dollars a barrel in the January deadline, reaching a price of 63,91 dollars, before recovering to 64,12 dollars, with a drop of 4,08%. These are the lowest levels since July 2009. Meanwhile, the WTI dropped 4,7% to settle at 60,80 dollars, after falling as low as 60,63 dollars.
The new drop in crude oil takes place in the wake of data on US stocks which surprisingly increased by 1,5 million barrels in the week to December 5 (against the 2,7 million barrel drop expected by analysts) and after the reduction in OPEC estimates of global demand for next year. Forecasts now point to a drop in demand to 28,9 million barrels per day in 2015 from 29,4 million in 2014.
